• Changpeng Zhao (CZ), the CEO of Binance, recently suggested that the failure of certain crypto projects in 2022 will have a significant impact on the traditional finance system.
• Zhao believes that the TradeFi institutions’ reduced commitment to cryptocurrency will put them behind the adoption curve and have existential consequences within the next decade or two.
• CZ’s new forecast came after the crypto domain experienced massive downfall in the past year.

The crypto market has been experiencing a roller coaster ride in the past few years, with its share of highs and lows. This past year, however, the industry experienced a massive downfall, with the bankruptcy of some of the leading platforms, such as Terra Labs, Voyager Digital, Celsius Network, Alameda Research, and FTX. This has led to a decrease in crypto adoption by TradeFi institutions, and left them wary about the digital currency domain.

In response to this, Changpeng Zhao (CZ), the CEO of Binance, the world’s largest cryptocurrency exchange, has raised new expectations regarding traditional finance. According to the latest tweet thread from CZ, the centralized financing system is expected to have catastrophic consequences.

CZ further stated that the failure of certain cryptocurrency projects during the previous year has posed a challenge for traditional financial players to adopt the crypto technology. As a result, the TradeFi institutions are now behind the adoption curve, which could have existential consequences for them in 10–20 years, as per Zhao.

Moreover, Zhao believes that the short-term impact of the few failed crypto projects last year has hampered the growth of the crypto industry. However, the industry is already seeing a recovery and the long-term effects of the collapse will be even more significant.

The crypto market is rapidly advancing, and it is important to keep up with the new technology. CZ’s prognosis shows the importance of embracing the digital currency domain, and its potential to disrupt the traditional finance system. This is something that TradeFi institutions must consider if they are to remain competitive in the years to come.

• New York State Senate proposed bill to allow certain cryptocurrencies as a legitimate payment for state entities.
• Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are some of the cryptocurrencies that will be accepted under the law.
• If passed, the bill would allow state agencies to enter into agreements with people to offer cryptocurrency acceptance.

The New York State Senate is proposing a bill to allow certain cryptocurrencies to be used as a legitimate form of payment for state entities. This proposed bill, put forth by Democratic Assemblyman Clyde Vanel, would allow for the acceptance of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for a variety of state-issued fines, taxes, and other levies.

Cryptocurrency is a digital form of money where encryption methods are used to govern the production of units of currency and to verify the movement of funds. It functions autonomously from a central bank, making it a popular choice for those looking for alternative payment methods.

If this bill is passed, it would be a massive boost to the cryptocurrency sector, as it would allow state agencies to enter into agreements with people to offer cryptocurrency acceptance. This would make it easier for people to pay taxes, rent, and other penalties in cryptocurrency. This proposal comes on the heels of Senator Wendy Rogers of Arizona filing a measure last week that would legalize Bitcoin and other cryptocurrencies statewide.

It is important to note that while this bill does not require state agencies to accept cryptocurrency, it does provide them the option of doing so. This could be a great way for those interested in using cryptocurrency to pay for things in a secure and efficient manner.

Overall, this proposed bill could be a major step forward in the adoption of cryptocurrencies, as more people will have access to these payment methods. This could lead to greater acceptance of cryptocurrencies in the future, as well as more opportunities for those looking to use them.

• Cameron Winklevoss, the CEO of the Gemini trading platform, has threatened to sue Genesis Global and its parent company, the Digital Currency Group, over the bankruptcy filing of two of its subsidiaries.
• Winklevoss has accused DCG of continuing to refuse to offer its creditors a fair deal and has called for them to recoup the funds owed to Gemini Earn customers, who are owed $900 million.
• Cameron has been very vocal on social media about the complacency of Genesis and the Digital Currency Group with regard to settling Gemini Earn customers.

Cameron Winklevoss, the co-founder and Chief Executive Officer (CEO) of the Gemini trading platform, has recently threatened to sue Genesis Global and its parent company, the Digital Currency Group (DCG). This action follows the bankruptcy filing lodged by Genesis involving two of its other subsidiaries.

It is believed that the Digital Currency Group has been refusing to offer its creditors a fair deal, leading to frustration from those affected by the bankruptcy. According to Winklevoss, this move will afford the firm to recoup its funds which were owed to Gemini Earn customers, who were reportedly owed $900 million.

Cameron has been very vocal on social media about the complacency of Genesis and the Digital Currency Group with regard to settling Gemini Earn customers. On more than one occasion, Cameron, who co-owns the Gemini exchange with his twin, Tyler Winklevoss, has claimed Silbert and Genesis have been using stall tactics to avoid paying out the funds owed.

The Gemini Earn program pays out a reward to users who subscribe to the product. Unfortunately, the Earn customers could not gain access to their funds as Genesis closed withdrawal. This has resulted in numerous complaints from customers who have yet to have their funds returned.

In response to the situation, Cameron took to Twitter to voice his frustration, accusing the Digital Currency Group of being complicit in the actions of Genesis. Cameron has also called for the group to take responsibility for its actions and to take steps to ensure that customers are not left out of pocket.

It remains to be seen if Cameron will follow through with his threat to sue the Digital Currency Group. In the meantime, customers affected by the bankruptcy filing are hoping that the situation will be resolved soon and that they will be able to access the funds owed to them.

• Charles Hoskinson, co-founder of Cardano, is considering acquiring CoinDesk, the media wing of Digital Currency Group.
• Hoskinson believes that virtue of journalism needs to be rehabilitated on cryptocurrencies and blockchain.
• CoinDesk has employed Lazard Ltd as a financial advisor to investigate options for a sale, according to the Wall Street Journal.

Charles Hoskinson, the co-founder of Cardano, is looking into the possibility of acquiring CoinDesk, the media wing of the now-struggling Digital Currency Group. Hoskinson believes that the virtue of journalism needs to be rehabilitated on cryptocurrencies and blockchain, and that the purchase of CoinDesk is the perfect opportunity to do just that.

Hoskinson made the announcement during a Youtube live stream in the United States. Cardano’s ADA cryptocurrency is currently one of the top ten assets, according to CoinMarketCap rankings, with a market capitalization of approximately $11.7 billion. Hoskinson predicted that the purchase would cost him around two hundred million USD and that he will examine the financial details before taking concrete action.

CoinDesk, on the other hand, is also contemplating the chances of a sale. As such, the organization has employed Lazard Ltd as a financial advisor to investigate options for a sale, according to the Wall Street Journal. The company is reportedly looking for potential buyers and has already received interest from venture capitalists and other strategic investors.

The acquisition of CoinDesk could be a major move for Cardano, as it would give the company greater control over the media coverage of cryptocurrency and blockchain technology. CoinDesk has a long-standing reputation for providing reliable and accurate information about the industry, and Hoskinson believes that the acquisition would allow Cardano to have a greater influence over the media coverage of crypto and blockchain.

Ultimately, the purchase of CoinDesk would be an important step for Cardano, and could potentially have a significant impact on the future of the cryptocurrency industry. It remains to be seen if Hoskinson will go through with the purchase, but it is clear that he is serious about the proposition and is considering all of the financial details before making a final decision.

• US House Republicans will create a new subcommittee to oversee the cryptocurrency space.
• The subcommittee will be headed by Representative French Hill (R-Ark) and will be responsible for crypto asset, financial technology, and inclusion.
• Representative Patrick McHenry (R-NC) is creating the subcommittee to fill a “big hole” in the committee’s current structure.

The United States House of Representatives is taking a significant step in exploring the cryptocurrency space, as it is planning to establish a new subcommittee focused on the oversight and legislation of crypto assets. The subcommittee, which will be headed by Republican Representative French Hill (R-Ark), will be responsible for crypto asset, financial technology, and inclusion.

The announcement of the subcommittee was made by the incoming chair of the financial services committee, North Carolina Representative Patrick McHenry, during an interview. McHenry stated that the need to create the panel was due to a “big hole” in the committee’s current structure. He went on to explain that the subcommittee would focus on the oversight of the cryptocurrency space, along with the regulation and legislation of crypto assets.

Hill, who has been leading Republicans in the effort to test the successful ability of a CBDC, will chair the new subcommittee. The subcommittee will work to ensure that the crypto space is properly managed and that regulations are in place to protect investors. Additionally, it will focus on increasing financial inclusion and fostering innovation in the sector.

The establishment of the subcommittee marks a significant move by the Republicans in the House of Representatives to explore the cryptocurrency space. It is a sign that the GOP is taking the crypto sector seriously and is looking to make sure that the industry is properly regulated and managed.

It is unclear at this time what the exact responsibilities of the subcommittee will be, or when it will be officially established. However, it is clear that the House Republicans are making a concerted effort to explore the cryptocurrency space and ensure that it is properly regulated and managed.

1. Sam Bankman-Fried (SBF), the founder and former Chief Executive Officer of bankrupt FTX Derivatives Exchange, has maintained in a Thursday morning Substack letter his innocence regarding the allegation of stealing users’ funds.
2. SBF explained that the collapse of FTX and its sister trading firm Alameda Research is a function of the broader turmoil that the financial industry has recorded over the past year.
3. SBF acknowledged that Alameda Research failed to hedge its market exposure and by implication, the firm lost approximately 80% of its value over that time span.

Sam Bankman-Fried, the founder and former Chief Executive Officer of bankrupt FTX Derivatives Exchange, has maintained his innocence with respect to stealing the trading platform users’ funds as alleged by Federal Prosecutors. This was made known in a Thursday morning Substack letter released by SBF.

In the letter, the disgraced CEO argued that his comment bordered on the insolvency of FTX and its sister trading firm Alameda Research being a function of the broader turmoil that the financial industry has experienced over the past year. SBF noted that over the course of 2021, the Net Asset Value of Alameda Research grew to $100 billion with $8 billion of net borrowing (leverage), and $7 billion of liquidity on hand.

Unfortunately, SBF acknowledged that Alameda Research failed to hedge its market exposure and by implication, the firm lost approximately 80% of its value over that time span. As a result, the firm failed to meet the obligations of its debtors and was forced to declare bankruptcy.

SBF has maintained his innocence in the letter and has denied any wrongdoings. He has also stated that there was no evidence of him stealing the users’ funds from the platform. He has also noted that he is currently cooperating with the authorities and is doing his best to ensure that the users of FTX and Alameda Research are not adversely affected by the collapse of the two firms.

In conclusion, SBF has maintained his innocence and has denied any wrongdoings in the letter. He has also noted that he is currently cooperating with the authorities and is doing his best to ensure that the users of FTX and Alameda Research are not adversely affected by the collapse of the two firms.

• New York Attorney General Letitia James has sued former Celsius Network CEO Alex Mashinsky for defrauding investors out of billions of dollars
• Celsius Network filed for Chapter 11 bankruptcy in July 2022, citing “extreme market conditions”
• Mashinsky reportedly withdrew $10 million from Celsius weeks before it stopped withdrawals

New York’s state attorney general Letitia James has announced that she is suing the former head of Celsius Network, Alex Mashinsky, for defrauding investors out of billions of dollars. The news comes as the once-buzzing crypto industry is fighting many legal battles, with FTX CEO Sam Bankman-Fried being one of the most prominent figures in these cases.

In July 2022, Celsius Network filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of New York. It was noted that this decision was made in an attempt to help the company stabilize and develop a restructuring plan. During this period, the CEO boasted of a solid and experienced team to help them through the restructuring process.

Unfortunately, just prior to filing for bankruptcy, Celsius halted customer withdrawals in June due to “extreme market conditions.” The CEO resigned shortly after, and it was discovered that he had withdrawn $10 million from Celsius weeks before the company stopped withdrawals.

This news has been met with shock and outrage from the crypto community. Attorney General Letitia James has been quick to take legal action against Mashinsky, citing his actions as “unconscionable” and “unacceptable.” She is determined to make sure that those who have been wronged by Mashinsky are compensated for their losses.

This case is yet another example of the risks and dangers of investing in cryptocurrency. While there are potential rewards to be gained, it is important for investors to be aware of the potential risks in order to make informed decisions.

• Shopify has announced support for Avalanche NFTs through the Venly app.
• Merchants can now mint and list NFTs on Avalanche through their Shopify storefronts.
• Customers can purchase NFTs using fiat payments and receive a link to the newly-created Avalanche wallet holding the NFT.

Shopify, the e-commerce platform, has announced the addition of support for Avalanche NFTs through its blockchain app, Venly. This means that merchants on Shopify can now mint and list their NFTs directly onto Avalanche through their storefronts.

With Venly, sellers on Shopify can provide customers with a wide range of opportunities, such as selling NFTs, offering NFT-gated experiences, or using NFTs for authentication by tying them to physical products.

What’s more, customers who purchase NFTs on Shopify’s platform won’t need to own an Avalanche wallet or handle any crypto. All they have to do is make a fiat payment, after which they will receive a link to a newly-created Avalanche wallet that holds the freshly-minted NFT. Customers are free to transfer the NFT to another wallet of their choice.

In addition to the support for Avalanche, Venly also already supports Ethereum, Binance Smart Chain, and Polygon.

The Venly app is available on Shopify’s App Store and is open to all merchants. The service was previously only accessible to select Shopify users, but now it is available to everyone.

To start using the app, merchants must first purchase the required subscription plan, which starts at $49 per month. They can then choose the type of NFTs they want to mint and list, and Venly will take care of the rest.

The addition of Avalanche support is a major milestone for Shopify, as it opens up more options for merchants to create and sell their own NFTs. It also helps to increase the adoption of NFTs, as customers now have an easier way to purchase them.